Property UK: House prices could 'boom' during second lockdown as market stays open
HOUSE prices have rapidly increased over the last few months, according to reports. How will the lockdown in England affect buyers? A property expert shared their verdict.
By SARRA GRAY
The property market has been affected by the coronavirus pandemic this year. During the first national lockdown, estate agents were ordered to shut and homeowners were asked not to move house.
House prices hit a record high during the summer months as many Britons decided to move property.
In July, chancellor Rishi Sunak also announced a temporary holiday on stamp duty until March 31, 2021.
The price freeze applied to the first £500,000 of all property sales in England and Northern Ireland.
Will estate agents stay open?
Today it has been confirmed that England will go into a national lockdown for four weeks, starting tomorrow.
During this time, those living in England are asked to stay at home where possible and all non-essential shops, bars and restaurants will be closed.
However, Housing Secretary Robert Jenrick has confirmed that the property market will remain open.
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Agencies will need to follow government guidelines for them to stay open, chief executive at NAEA Propertymark Mark Hayward explained.
He said: "It is vital that agents continue taking all necessary steps to reduce the spread of coronavirus.
"Also, stay working in accordance with government guidelines so the market can continue moving for the entirety of the second lockdown period.”
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With many agencies continuing business as usual, the expert predicted the house price boom could be here to stay.
Mark added: "The news the housing market will remain open throughout this second lockdown period is extremely promising.
"We are optimistic that the current housing boom, triggered by both the re-opening of the housing market in May and subsequent stamp duty holiday, will continue."
As the stamp duty freeze deadline gets closer, the expert suggested the demand for property will continue to rise.
How will the housing market work during lockdown?
Those hoping to buy or sell their home during the next few weeks will still be able to do so.
Surveyors will be allowed to value properties if they adhere to social distancing rules.
Unlike during the earlier UK coronavirus lockdown, Britons can also move into a new house during this time.
Viewings may also still be possibly if social distancing rules are followed.